Tuesday, February 6, 2018

Don’t think that because you are a small business that you have to sign a contract as is, without any modifications or clarifications. Large general contractors have often modified their contracts if approached correctly. This class will educate you on understanding key contract terms that often provide unjust benefits to the large general contractor or project owner. Understanding your contractual and legal rights before you sign a contract gives you the confidence to negotiate better key provisions to make your company sustainable throughout the project and beyond. If your contract requires a performance and payment bond, it is important to know that if you fail to adhere to one provision that action can trigger a bond default. A bond guarantees every term and condition of the contract, not just completion of your work. And, because the owners must personally guarantee the bond, too, personal assets could be in jeopardy. Showing the project owner or large general contractor that you understand your contract and require modifications, sets you off in a position of strength. Once your eyes are open to clear and present danger, you will be better able to protect your company and family.